Nektar Therapeutics Announces Third Quarter 2026 Financial Results
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Summary
Nektar Therapeutics (NKTR) reported a third-quarter 2026 net loss of $55.7 million as it advanced rezpegaldesleukin into Phase 3 development. Revenue fell to $9.4 million from $11.8 million a year earlier. Net loss widened from $35.5 million, although basic and diluted loss per share narrowed to $1.63 from $1.87. Research and development expense rose to $44.1 million from $27.3 million.
Cash and marketable securities totaled $952.9 million at September 30, versus $245.8 million at December 31, 2025. All three ZENITH AD registrational trials in atopic dermatitis have begun. Nektar expects initial program results in mid-2028, targets a biologics license application in 2029 and plans to begin the ZENITH AA alopecia areata trial in December 2026, earlier than previously planned. Phase 2b alopecia data showed that 63% (5/8) of patients achieving a SALT score ≤20 through Week 52 maintained that response after six months off treatment.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Major pointCash and marketable securities reached $952.9 million September 30, 2026, versus $245.8 million December 31, 2025.
- Major pointREZOLVE-AD met all primary and key secondary endpoints with 24 micrograms per kilogram every two weeks.
- Moderate pointAll three Phase 3 ZENITH AD trials initiated, including ZENITH AD-3 in October 2026.
- Moderate point. Forward-looking: it has not happened yet and may not happen.ZENITH AD initial results expected mid-2028; Nektar targets a biologics license application in 2029.
- Moderate pointREZOLVE-AA treatment through Week 52 showed separation from placebo on key efficacy measures.
9 minor points
- Minor point. Forward-looking: it has not happened yet and may not happen.ZENITH AA initiation planned for December 2026, earlier than Nektar previously planned.
- Minor point100-patient REZOLVE-AD biomarker sub-study showed Week 2 molecular responses associated with Week 16 clinical responses.
- Minor pointSALT score ≤20 response persisted in 75% (6/8) after four months and 63% (5/8) after six months off treatment.
- Minor pointSALT score ≤10 achievement rose to 19% after six months off treatment, from 7% at Week 52.
- Minor pointNine-month G&A expense decreased to $50.8 million from $57.5 million in 2025, primarily reflecting lower legal expenses.
- Minor pointInterest income increased to $9.578 million in Q3 and $23.166 million year-to-date, versus $2.819 million and $7.662 million.
- Minor pointNine-month equity-method investment loss narrowed to $2.7 million from $7.4 million in 2025.
- Minor pointRestructuring and impairment credits were $1.504 million in Q3 and $0.130 million year-to-date, versus prior-year charges.
- Minor pointTotal liabilities declined to $187.529 million September 30, 2026, from $190.574 million December 31, 2025.
Negative
- Moderate pointQ3 net loss widened to $55.7 million from $35.5 million; per-share loss narrowed to $1.63 from $1.87.
- Moderate pointQ3 revenue fell to $9.4 million from $11.8 million in 2025.
- Moderate pointQ3 R&D expense rose to $44.1 million from $27.3 million in 2025.
- Moderate pointNon-cash royalty-related interest expense increased to $6.763 million in Q3 and $21.911 million year-to-date, versus $6.047 million and $16.415 million.
- Minor pointNine-month net loss widened to $141.2 million from $128.0 million; per-share loss narrowed to $4.60 from $8.14.
4 minor points
- Minor pointNine-month revenue fell to $30.4 million from $33.4 million in 2025.
- Minor pointNine-month R&D expense rose to $118.9 million from $87.6 million, supporting Phase 3 programs and rezpegaldesleukin manufacturing.
- Minor pointQ3 G&A expense increased to $24.6 million from $16.1 million, primarily reflecting higher legal expenses.
- Minor pointQ3 equity-method investment loss increased to $0.6 million from $0.5 million in 2025.
Key Figures
- Cash and investments
- $952.9 million
- September 30, 2026; compared with $245.8 million at December 31, 2025
- Revenue
- $9.4 million
- Q3 2026; compared with $11.8 million in Q3 2025
- Revenue
- $30.4 million
- First nine months of 2026; compared with $33.4 million in the first nine months of 2025
- Operating costs and expenses
- $67.2 million
- Q3 2026; compared with $43.5 million in Q3 2025
- Net loss
- $55.7 million; $1.63 per share
- Q3 2026; compared with $35.5 million and $1.87 per share in Q3 2025
- Net loss
- $141.2 million; $4.60 per share
- First nine months of 2026; compared with $128.0 million and $8.14 per share in the first nine months of 2025
- ZENITH AD registrational trials
- 3 trials initiated
- Global Phase 3 program in atopic dermatitis
- First BLA filing
- 2029
- Targeted filing timing for rezpegaldesleukin
Previous Earnings Reports
-
Reported $1,023.4 million in cash and investments alongside Phase 2b alopecia areata data.
-
Reported Q3 2025 revenue of $11.8 million and net loss of $35.5 million, the current comparison period.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
jak inhibitor medical
easi-75 medical
salt score medical
AI-generated analysis. How Rhea-AI works. Not financial advice.
Cash and investments in marketable securities on September 30, 2026, were
"This was a pivotal quarter for Nektar as we moved rezpegaldesleukin quickly into Phase 3 development," said Howard Robin, President and Chief Executive Officer of Nektar. "We have now initiated all three global ZENITH AD registrational trials in atopic dermatitis and our global ZENITH AA registrational trial in alopecia areata is on track to begin in December, earlier than previously planned. The strong body of clinical and translational data generated to-date for rezpegaldesleukin reinforce our conviction in its novel and differentiated Treg mechanism, which targets multiple inflammatory pathways that underpin chronic autoimmune disease. We believe rezpegaldesleukin has the potential to offer an important new therapeutic approach for patients, and we're focused on advancing to our topline data readouts in the summer of 2028 with the first BLA filing in 2029."
Revenue in the third quarter of 2026 was
Total operating costs and expenses in the third quarter of 2026 were
R&D expense in the third quarter of 2026 was
G&A expense was
Our non-cash loss from our equity method investment in Gannet BioChem was
Net loss for the third quarter of 2026 was
Third Quarter 2026 and Recent Business Highlights
Atopic Dermatitis
- In October 2026, Nektar announced the initiation of ZENITH AD-3, the third and final registrational trial in the global Phase 3 ZENITH AD program evaluating rezpegaldesleukin in atopic dermatitis. ZENITH AD-3 is enrolling patients with prior systemic biologic and/or JAK inhibitor treatment experience. The goal is to support a broad label. Initial topline data from the ZENITH AD program are expected in mid-2028, with a BLA submission targeted for 2029.
- In September 2026, data from a 100-patient biomarker sub-study of the Phase 2b REZOLVE-AD study in atopic dermatitis were presented by collaborators at the Icahn School of Medicine at Mount Sinai in a late-breaking oral presentation at the European Academy of Dermatology and Venereology (EADV) Congress 2026. The results showed early molecular responses to rezpegaldesleukin as early as Week 2 across multiple immune pathways that are known to be dysregulated in patients with atopic dermatitis. Additionally, these early serum biomarker changes were associated with subsequent clinical responses at Week 16. These findings support rezpegaldesleukin as a Treg-directed approach to treating heterogeneous inflammatory diseases like atopic dermatitis.
- In August 2026, results from the 16-week induction period of the Phase 2b REZOLVE-AD were published in The Lancet. As previously announced, the study met all primary and key secondary endpoints on the 24 micrograms per kilogram Q2W regimen, including at least a
75% improvement in the Eczema Area and Severity Index (EASI-75), at least a90% improvement in the Eczema Area and Severity Index (EASI-90), validated Investigator Global Assessment of Atopic Dermatitis (vIGA-ADTM) response, and Itch Numerical Rating Scale (NRS) response and body surface area (BSA). The full citation of this article can be accessed at: https://www.thelancet.com/journals/lancet/article/PIIS0140-6736(26)01143-8/fulltext. - In July 2026, Nektar announced the initiation of the first two global registrational trials in the Phase 3 ZENITH AD program evaluating rezpegaldesleukin in moderate-to-severe atopic dermatitis. The program will include a total of three randomized, double-blind, placebo-controlled trials: ZENITH AD-1, ZENITH AD-2 and ZENITH AD-3.
Alopecia Areata
- In October 2026, data from the 52-week treatment extension cohort and the 6-month off-treatment period in the global Phase 2b REZOLVE-AA study in patients with severe-to-very-severe alopecia areata were presented at EADV 2026. As previously reported, continued rezpegaldesleukin treatment through Week 52 demonstrated clear and consistent separation from placebo on key measures of efficacy. Among the patients who achieved a SALT Score ≤20 from the 52-week treatment cohort,
75% (6/8) maintained that response after four months off treatment and63% (5/8) maintained it after six months off treatment. Hair regrowth continued for 6 months off treatment with19% of patients achieving SALT Score ≤10, an improvement from7% at the end of 52 weeks of treatment. These data support evaluation of less frequent rezpegaldesleukin dosing (Q4W or Q12W) beyond the 52-week induction period for patients who achieve a SALT Score ≤20. The presentations at EADV were discussed on a conference call and webinar hosted by Nektar on October 1st. Dr. Benjamin Ungar, Director of the Alopecia Center of Excellence and Director of the Rosacea & Seborrheic Dermatitis Clinic at the Kimberly and Eric J. Waldman Department of Dermatology at Mount Sinai also participated in the call. A replay can be accessed on the company website here.
Conference Call to Discuss Third Quarter 2026 Financial Results
Nektar management will host a conference call to review the results beginning at 5:00 p.m. Eastern Time/2:00 p.m. Pacific Time, today, November 12, 2026.
This press release and live audio-only webcast of the conference call can be accessed through a link that is posted on the Home Page and Investors section of the Nektar website: https://ir.nektar.com/. The web broadcast of the conference call will be available for replay through December 12, 2026.
To access the conference call, please pre-register here. All registrants will receive dial-in information and a PIN allowing them to access the live call.
About Nektar Therapeutics
Nektar Therapeutics is a clinical-stage biotechnology company focused on developing treatments that address the underlying immunological dysfunction in autoimmune and chronic inflammatory diseases. Nektar's lead product candidate, rezpegaldesleukin (REZPEG, or NKTR-358), is a novel, first-in-class regulatory T cell stimulator being evaluated in atopic dermatitis, alopecia areata, and Type 1 diabetes mellitus. Nektar's pipeline also includes preclinical bivalent tumor necrosis factor receptor type II (TNFR2) antibody and bispecific programs, NKTR-0165 and NKTR-0166, and a modified hematopoietic colony stimulating factor (CSF) protein, NKTR-422.
Nektar is headquartered in San Francisco, California. For further information, visit www.nektar.com and follow us on LinkedIn.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements which can be identified by words such as: "can," "develop," "potential," "believe," "address," "may," "plan," "will" and similar references to future periods. Examples of forward-looking statements include, among others, statements regarding the safety and efficacy profile and therapeutic potential of, and future development plans for, rezpegaldesleukin, NKTR-0165, NKTR-0166, and NKTR-422, potential patient preferences and market adoption related thereto, and plans and timing of future clinical trials, regulatory submissions and data releases. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results to differ materially from those indicated in the forward-looking statements include, among others: (i) our statements regarding the therapeutic potential of rezpegaldesleukin, NKTR-0165, NKTR-0166 and NKTR-422 are based on preclinical and clinical findings and observations and are subject to change as research and development continue; (ii) rezpegaldesleukin, NKTR-0165, NKTR-0166 and NKTR-422 are investigational agents and continued research and development for these drug candidates is subject to substantial risks, including negative safety and efficacy findings in future clinical studies (notwithstanding positive findings in earlier preclinical and clinical studies); (iii) rezpegaldesleukin, NKTR-0165, NKTR-0166 and NKTR-422 are in various stages of preclinical and clinical development, and the risk of failure is high and can unexpectedly occur at any stage of development, and there can be no assurance that any such drug candidate will obtain regulatory approval; (iv) data reported from ongoing clinical trials may be preliminary or interim and may change as additional patient data becomes available or as continuing observations, verifications and analysis are completed; (v) the timing of the initiation or completion of clinical trials and the availability of clinical data may be delayed or unsuccessful due to regulatory delays, slower than anticipated patient enrollment, manufacturing challenges, changing standards of care, evolving regulatory requirements, clinical trial design, clinical outcomes, competitive factors, or delay or failure in ultimately obtaining regulatory approval in one or more important markets; (vi) a Fast Track designation does not increase the likelihood that rezpegaldesleukin will receive marketing approval in the United States; (vii) patents may not issue from our patent applications for our drug candidates, patents that have issued may not be enforceable, or additional intellectual property licenses from third parties may be required; and (viii) certain other important risks and uncertainties set forth in our filings with the Securities and Exchange Commission (SEC), including the risks and uncertainties described under the heading "Risk Factors" in our most recent Annual Report on Form 10-K or Quarterly Report on Form 10-Q, as such risks and uncertainties may be amended or supplemented by our other filings with the SEC. Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
Contacts
For Investors:
Vivian Wu
628-895-0661
VWu@nektar.com
Corey Davis, Ph.D.
LifeSci Advisors
212-915-2577
cdavis@lifesciadvisors.com
For Media:
Susan Roberts
LifeSci Communications
202-779-0929
sroberts@lifescicomms.com
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NEKTAR THERAPEUTICS |
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CONDENSED CONSOLIDATED BALANCE SHEETS |
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(In thousands) |
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(Unaudited) |
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ASSETS |
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September 30, 2026 |
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December 31, 2025(1) |
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Current assets: |
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Cash and cash equivalents |
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$ 34,686 |
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$ 15,116 |
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Short-term investments |
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579,671 |
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230,636 |
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Other current assets |
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64,976 |
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20,514 |
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Total current assets |
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679,333 |
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266,266 |
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Long-term investments |
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338,500 |
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- |
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Other assets |
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19,418 |
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14,140 |
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Total assets |
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$ 1,037,251 |
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$ 280,406 |
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LIABILITIES AND STOCKHOLDERS' EQUITY |
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Current liabilities: |
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Accounts payable |
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18,131 |
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10,770 |
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Accrued expenses |
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34,464 |
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22,271 |
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Operating lease liabilities, current portion |
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22,883 |
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20,495 |
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Total current liabilities |
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75,478 |
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53,536 |
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Operating lease liabilities, less current portion |
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50,998 |
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65,256 |
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Liabilities related to the sales of future royalties, net |
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54,787 |
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63,157 |
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Other long-term liabilities |
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6,266 |
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8,625 |
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Total liabilities |
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187,529 |
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190,574 |
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Commitments and contingencies |
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Stockholders' equity: |
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Preferred stock |
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- |
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- |
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Common stock |
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3 |
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2 |
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Capital in excess of par value |
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4,755,130 |
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3,850,099 |
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Accumulated other comprehensive income (loss) |
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(3,948) |
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17 |
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Accumulated deficit |
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(3,901,463) |
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(3,760,286) |
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Total stockholders' equity |
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849,722 |
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89,832 |
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Total liabilities and stockholders' equity |
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$ 1,037,251 |
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$ 280,406 |
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(1) The consolidated balance sheet at December 31, 2025 has been derived from the audited financial statements at that date but does not include all of the information and notes required by generally accepted accounting principles in |
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NEKTAR THERAPEUTICS |
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
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(In thousands, except share and per share information) |
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(Unaudited) |
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Three months ended September 30, |
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Nine months ended September 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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Revenue: |
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Non-cash royalty revenue related to the sales of future royalties |
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$ 9,386 |
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$ 11,490 |
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$ 30,378 |
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$ 33,125 |
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License, collaboration and other revenue |
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- |
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300 |
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- |
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300 |
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Total revenue |
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9,386 |
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11,790 |
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30,378 |
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33,425 |
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Operating costs and expenses: |
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Research and development |
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44,123 |
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27,252 |
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118,932 |
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87,618 |
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General and administrative |
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24,569 |
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16,070 |
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50,773 |
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57,488 |
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Restructuring and impairment |
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(1,504) |
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140 |
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(130) |
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756 |
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Total operating costs and expenses |
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67,188 |
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43,462 |
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169,575 |
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145,862 |
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Loss from operations |
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(57,802) |
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(31,672) |
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(139,197) |
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(112,437) |
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Non-operating income (expense): |
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Non-cash interest expense on liabilities related to the sales of future royalties |
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(6,763) |
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(6,047) |
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(21,911) |
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(16,415) |
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Interest income |
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9,578 |
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2,819 |
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23,166 |
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7,662 |
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Other income (expense), net |
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(59) |
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(121) |
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(495) |
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405 |
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Total non-operating income (expense), net |
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2,756 |
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(3,349) |
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760 |
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(8,348) |
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Loss before provision (benefit) for income taxes and equity method investment |
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(55,046) |
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(35,021) |
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(138,437) |
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(120,785) |
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Provision (benefit) for income taxes |
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22 |
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(33) |
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88 |
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(169) |
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Loss before equity method investment |
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(55,068) |
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(34,988) |
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(138,525) |
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(120,616) |
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Loss from equity method investment |
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(583) |
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(534) |
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(2,652) |
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(7,381) |
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Net loss |
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$ (55,651) |
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$ (35,522) |
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$ (141,177) |
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$ (127,997) |
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Basic and diluted net loss per share |
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$ (1.63) |
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$ (1.87) |
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$ (4.60) |
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$ (8.14) |
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Weighted average shares outstanding used in computing basic and diluted net |
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34,178,219 |
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18,946,559 |
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30,690,968 |
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15,716,396 |
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SOURCE Nektar Therapeutics
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